VN-Index tumbles most in one year

Monday, February 21, 2011 15:08

Vietnam’s benchmark VN-Index fell the most in more than a year on February 21 as investors sold at lowest prices amid central bank lowered credit growth this year and the Government approved to raise power price.

The measure of 280 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange plummeted 4.02 percent, or 20.24 points, to close at 483.68 points.

On the index, only 7 stocks climbed, 257 retreated, while 21 treaded water.

Trading volume jumped to the highest level since the beginning of this year as more than 50.5 million shares changed hands at a value of VND1.09 trillion.

Saigon Thuong Tin Commercial Bank or Sacombank topped the list of most active shares in volume with 3.25 million shares changing hands.

It was followed by Vietnam Export Import Commercial Joint Stock Bank or Eximbank (EIB) with 2.02 million shares.

Saigon Securities Inc. (SSI), the country’s largest brokerage, tagged along with 1.95 million shares traded.

Petroleum Equipment Assembly And Metal Structure Joint Stock Company (PXS) deleted 20 percent to trade at VND12,400. The company issues 20 million shares to sell to its current shareholders at a ratio of 1:1 and at a price of VND10,000 per share. Besides, it also issues 10 million shares to sell to its strategic partners.

Other losers on the southern market included An Pha Petroleum Group Joint Stock Company (ASP), NTACO Joint Stock Company (ATA), and Construction and Materials Trading Joint Stock Company (CNT).

Among a few gainers, Binh Duong Trade and Development Joint Stock Company (TDC) rebounded 4.58 percent to VND13,700.

The smaller bourse in the north dropped to below 100 points the first time in three month as the Hanoi’s HNX-Index slumped 5.6 percent, or 5.73 points, to close at 96.58 points. Trading volume improved to 36 million shares worth VND590 billion due to rising bottom fishing demand.

Meanwhile, the UPCom-Index sank 0.59 points to 40.85 points this morning. A total of 500,000 shares changed hands at a value of VND3.83 billion as of 11:10 am local time.

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The Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch (VCCI-HCM) cooperated with the China Foreign Trade Center to hold a conference to introduce the 125th China Import and Export Fair, also known as the Canton Fair, and business exchange between Vietnamese and Chinese enterprises on March 20.